“This transformative acquisition further accelerates our strategy and provides us with a prime position in what is widely acknowledged as one of North America’s top oil plays,” Doug Suttles, Encana’s chief executive, said in a statement.

“The Athlon team has built an exceptional asset with massive running room that includes greater than 10 years of drilling inventory with up to 11 potential productive horizons of high-margin liquids.” added

“With a commitment to excellence and an unwavering focus on results, the Athlon team has established a track record of acquiring high-quality assets, applying extensive technical expertise as a top-tier operator and creating tremendous value for our shareholders,” says Bob Reeves, Chairman, President & CEO of Athlon. “Through tireless dedication and hard work, our team has built a high rate-of-return oil manufacturing process in the heart of the world-class Midland Basin. With Encana’s exceptional resources and the collective expertise of both teams, the next phase will accelerate development and ultimately realize the full potential of the deep inventory of premier projects.”

Under the terms of deal, Encana will pay $58.50 a share, 25 percent premium above Athlon’s closing price on Friday. It will includes assume Athlon’s debt about $1.5 billion.

The company is expected Permian basin will be important part for its growth strategy.

Athlon’s biggest shareholder is the private equity Apollo Glboal Management, which made a partnership four years ago and still owns rouhgly 25 percent stake.

Encana continues in distraction from slimming prices of natural gas into oil production, which is more lucrative.

Athlon was advised by Goldman Sachs, Evercore Partners and the law firm Latham & Watkins.

Mr. Stakebay says:

This deal is the biggest deal of Encana since its creation in 2002. Athlon will add 140 000 acres in part of New Mexico and Permian basin in West Texas. as well as about 30 000 barrels of oil equivalent per day to production capabilities of Encana.

President and CEO of ENCANA……………………..Doug Suttles……..(2013-present)…..$ 13 327 969